Chinese businessmen to pour in $12.2-B investments to PH - DTI
The Philippines has cornered US$12.2-billion worth of pledged investments from China, the Department of Trade and Industry said Friday.
Chinese investors promised to pour in their resources during the exchange of 19 signed business agreements with the Filipino businessmen who joined President Rodrigo Duterte in his trip to Beijing where he is attending the Second Belt and Road Forum.
Duterte witnessed the exchange of the signed deals, which if they materialize would provide over 21,000 jobs for the Filipinos, Trade and Industry Secretary Ramon Lopez said in a statement.
The President, in a speech during the event, said the exchange of signed business deals between the Filipino businessmen and their Chinese counterparts was a "vote of confidence" on the Philippines.
He reiterated his promise that he would not tolerate corruption in government.
Duterte advised the Chinese businessmen that if they have complaints against some government officials, they could inform Chinese Ambassador Zhao Jinhua who is his close friend or his Cabinet secretaries.
The Philippine business delegation and their Chinese counterparts signed one contract agreement, three cooperation agreements, two purchase framework agreements, and 13 Memoranda of Agreement (MOA) or Understanding (MOU).
The projects were mainly on energy, infrastructure, food, telecommunications, sale of agricultural products, tourism and economic zone and industrial park development, Lopez said.
“The Duterte administration is pushing for investments on energy and manufacturing for the Philippines to broaden its manufacturing base and increase its exports.
Among the agreements are energy projects that will help the country decrease its dependence on oil and gas imports. There will also be several industrial parks to bring jobs to Filipinos in the countryside,” he said.
AAC Technologies, a solutions provider for smart devices, also expressed intent to expand its current operations in the Philippines by investing $30 million to engage in stepper motor and motor reducer manufacturing and create about 3,000 jobs in the next three years, said Lopez after its executives called on him. Celerina Monte/DMS